Schlagwortarchiv für: Labs

Over 75 people attended the Ripple Labs Tech Talk for understanding consensus—as part of our ongoing initiative to better educate the broader community about Ripple technology.

Approaching the talk from both a technical and broader industry perspective, Chief Cryptographer David Schwartz discussed the role of innovative banks, the early influences of Bitcoin, and provided a technical history and overview of the core processes underpinning the Ripple protocol.

2015 0020 - Consensus Tech Talk - 03-25-2015 - 0049 - 3694

Guests—who hailed from prominent tech firms, international financial institutions, and various universities—arrived early for a lively happy hour at the Ripple Labs headquarters in downtown San Francisco.

2015 0020 - Consensus Tech Talk - 03-25-2015 - 0096 - 3741

This was the second in the Ripple Labs series of Tech Talks.

2015 0020 - Consensus Tech Talk - 03-25-2015 - 0185 - 3830

In a lively Q&A segment, David answered a wide range of questions, from the technical—such as regarding the robustness of consensus—to the broad—including his take on bank innovation.

Stay tuned for a video recording of the event.

Follow Ripple on Twitter

Ripple

Screen Shot 2015-03-04 at 4.00.21 PM

Ripple Labs is thrilled to join the International Payments Framework Association (IPFA), which provides rules sets, best practices, and guidelines to improve cross-border payments.

Composed of over 25 prominent members in the payments space—including the likes of ACH, NACHA, and SWIFT—the IPFA promotes a grand vision for creating a global payments framework that facilitates interoperability and efficient cross-border payment processing.

IPFA is one of a series of membership groups and industry associations that Ripple Labs has joined in order to further our vision of transforming payments. Ripple Labs recently joined the Center for Financial Services Innovation Network and became a member of the NACHA Payment Innovation Alliance in June.

“IPFA rules—when they are appropriately modified for Ripple—helps us create a complete, real-time, cross border payment system,” said Nilesh Dusane, director of business development at Ripple Labs.

“We’re very excited to join this network,” he said.

Follow Ripple on Twitter

Ripple

Ripple Labs is honored to be recognized as the world’s fourth Most Innovative Company in Money for 2015 by Fast Company.

“We are thrilled to be named as one of the most innovative companies in money and to be included among such respected brands,” said Ripple Labs co-founder and CEO Chris Larsen.

The inclusion by Fast Company in its annual list builds on continuing recognition of the work we’re doing at Ripple Labs by the media and the industry at large.

“Our vision is to transform the  world of finance in a way that benefits everyone from banks to governments to innovative developers to merchants, consumers and the financially underserved,” Larsen said. “It is gratifying to know that others share a desire for this change and recognize our work.”

Most Innovative Companies is Fast Company’s highly anticipated annual ranking of the world’s leading enterprises and rising newcomers that exemplify the best in business and innovation. You can check out the full list here:

The list of leading companies in money include:

1. Inventure

2. Stripe

3. Behaviosec

4. Ripple

5. Expensify

6. Apple Pay

7. Braintree

8. Nice Systems

9. Premise

10. Bluevine

Ripple

Chris Kanaan joined Ripple Labs two months ago to become the company’s VP of Engineering. The Yelp alum and Stanford grad is working closely with Ripple Labs CTO Stefan Thomas to oversee the engineering department, making sure teams are aligned with each other as well as the company’s product needs and vision. With headcount at nearly ninety, Chris’s arrival is timely, to say the least.

One reason the search took so long is because it was important to find someone who was not only qualified but was also the right cultural fit. Chris wholeheartedly checks both boxes and we’re all incredibly excited to have him on the team.

I sat down with him for a brief interview to learn more about the man named Kanaan and also to check in and see how his first eight weeks have been.

That’s when I came across Ripple. Something just clicked. It seemed like this was absolutely the next chapter in this movement. It took the best aspects of Bitcoin—like the ledger—but improved on the concept, such as the system for closing ledgers and the ability to support all currencies. I stared into the face of everyone on the “About” page on the company website, and I wondered, “Do I think these people can do it?” The answer was a resounding “Yes.”

Tell us about yourself!

Chris: After college, I moved to Kansas City, Missouri to take a very specific job doing 3D medical imaging at this huge 6,000 person multinational. I realized quickly that it wasn’t for me. They’d just paved their parking lot so I’d bring my skateboard in on the weekends to work. I’d code. Then I’d skateboard and think. And I just remember getting badgered by campus cops even though the entire lot was empty. It clearly wasn’t a good fit. I ended up getting an EMT license and working on an ambulance at night. I was on a rotational program and I ended up in London for a bit but the change of scenery didn’t help.

I’d always dreamed of moving to San Francisco—ever since I saw it for the first time as a little kid. I had this picture of me standing below the TransAmerica building in my dorm room. I thought it’d be the coolest place to be. So I got a one way ticket to the U.S. and stayed on a friend’s couch in Berkeley.

I ended up at a company called Quantcast after reading a Craigslist ad. They do real-time bidding for advertising.  It was just a few people in a mostly empty room. Now it’s grown past 600. After Quantcast, I ended up at Yelp, where I worked for two years. I was an engineering manager, overseeing one team, then two.  After Yelp, I took some time to be with my family and spent lots of quiet time exploring technologies I had been interested in, but hadn’t had time to investigate.

A few years back, I had mined some Bitcoin. I thought—This is so different from any of the other ideas I’ve heard. It wasn’t just another app. Plus, Bitcoin had this very mysterious character in Satoshi Nakamoto.

Fast forward to today, I had moved on from Bitcoin and forgotten my wallet. That’s when I came across Ripple. Something just clicked. It seemed like this was absolutely the next chapter in this movement. It took the best aspects of Bitcoin—like the ledger—but improved on the concept, such as the system for closing ledgers and the ability to support all currencies. I stared into the face of everyone on the “About” page on the company website, and I wondered, “Do I think these people can do it?” The answer was a resounding “Yes.”

I was lucky enough to join.

What are you working on at Ripple Labs?

Last year was about finding product market fit, and we figured out we needed to focus on liquidity first by integrating with the existing financial system before we can focus on end consumers. As a result, I’m very mindful of developing best practices to improve stability and our software development process, which will be key to becoming a true enterprise company.

What exactly are the responsibilities of a VP of Engineering?

I think Stefan (CTO at Ripple Labs) takes care of forward thinking and R&D. I complement him by growing the team and making sure everyone is on the same page—communicating well from across the aisle and also within teams. My job is to make sure we are all working together efficiently, productively, and most of all collectively. So I’m working closely with product, with all the engineering teams, and with HR and recruiting.

I’m also keeping tabs on what the business development team has up next for integration so we can adjust our product roadmap accordingly. It’s important that our products can scale, that they are applicable to a wide range of integration clients.

We also need to continue to maintain the engine that powers the entire network. I was very keen to meet everyone on the rippled team—where a lot of people are remote.

How’s it been so far?

I’ve been here eight weeks so far and it’s definitely been great. It’s excellent—not only what people have already done but also what we’re working on for the future.

It’s important that engineering is clearly focused now. Last year was grounded in explorations and experimentations. Now we have to drive that to completion if we want to have a strong, stable value network and to have partners using our technology across the world.

ActionShot

Chris Kanaan with Monica Long, VP of Marketing and Communications

How would you describe the team?

The way I view the rippled team, they are probably part of the top one percent of C++ developers. Each one individually was probably the smartest person at the previous company that they worked at. So it’s a big draw for them to work together—whereas at their previous job, their peers could only give them a rubber stamp because they couldn’t quite understand the scope and subtlety of their work. Now there is wide discussion across topics by compelling characters with diverse opinions. Above all, they’re working on a product that is completely fascinating.

In terms of the rest of the engineering team, they’re truly exceptional.  It’s a nice mix of people who have worked in payments and finance as well as the startup world. So there’s good combination of experiences and the energy is apparent here. Everyone has a really good vibe, a buzz.  Everyone is smiling. There’s an excitement but also this great attitude. As advertised, the culture has been humble and inclusive. And of course, as a young company, we have quite a bit of youth.

Can you tell us a little bit about who the real Chris Kanaan is?

I’m really interested in backpacking.  The way I got into it—I had hiked the John Muir trail with a friend, in the winter. We didn’t see another human being for a month in these snowy mountains.

Toward the end of the trip, we saw two people. One woman was trying to set the speed record for the PCT. The other was a man named Scott, who was trying to do what he described as “the yo-yo,” a back and forth between Mexico and Canada on the PCT. I was just blown away.

The whole experience just opened my eyes. It was so cool, so surreal—not seeing anyone, then to see these people take it even further. I knew I had to try it myself one day. So my brother and I are planning to do it in 2020 or 2022.

Oh yeah, I also like to surf.

You’re just the quintessential Cali bro aren’t you?

I was actually born in the mountains overlooking Beirut. I moved here when I was nine.

Do you ever visit?

I go every couple of years. My dad’s side of the family is there so I always have to keep my Arabic up. But my mom is actually Swedish-American.

What about school, what did you study—given your wide range of interests?

I went to Stanford University and studied computer science. Later, I got a Master’s in sociology.

My advisor was on the board for Friendster and I got interested in understanding networks of people and representing that through code. I scraped websites of different companies to build a network of investors and C-level employees from different companies, looking for patterns in their social relationships. I wanted to see if you could use social distance to predict investment outcomes.

Any final thoughts?

Stay positive!

 

Follow Ripple on Twitter

Ripple

patrick-sibos

Ripple Labs EVP of Business Development Patrick Griffin at Sibos 2013 in Dubai

Ripple Labs will be in Boston at the end of the month for Sibos (Sept. 29 – Oct. 2), the annual financial services conference hosted by SWIFT, where 7000 industry members and thought leaders will gather to contemplate and help shape the future of payments and trade.

Running concurrently throughout the conference is Innotribe program, a SWIFT initiative focused on innovation at the convergence of finance and technology—of which Ripple will play a prominent part. (Check out our interview with Kosta Peric, Innotribe co-founder and former Head of Innovation of SWIFT.)

Ripple Labs CEO and co-founder Chris Larsen will be presenting at the following sessions on Monday, September 29th:

  • Future of Money: The Rise of Cryptocurrencies (9:30AM ET)
  • Disruption: Cryptocurrencies (12:30PM ET)

If you’re interested in learning how Ripple is driving down cross-border transaction costs for banks like Fidor, please contact us at to schedule a meeting with a Ripple Labs representative.

Follow us on Twitter

Ripple

To help accelerate the creation of strong, reliable, and compliant gateways, Ripple Labs will be providing XRP incentives and extended technical support for gateways that meet criteria considered to be critical for the success of a gateway.

Ripple Labs wants every gateway to achieve a gold standard in business planning, technical reliability and stability, regulatory compliance, and liquidity. The Ripple protocol enables the federation and interoperability of many independent payment systems.

As such, we’re actively developing the specifications for Gateway Services APIs and are eager to help gateways with implementation. In the meantime, here are some of the steps and assistance provided by Ripple Labs to help get your gateway to that point.

Gateway business plan development

Successful businesses start with a concept that can be concisely summarized and executed upon. To get things started on the right foot, here is a business plan template for gateways that is freely available. This plan was developed in consultation with new gateways that were exploring the business opportunities on Ripple, so it’s tailored to the needs of an early stage operator.

The template encourages you to carefully consider who your customer is and what value they’ll derive from your service. Simplifying their experience and making the deposit and withdrawal of assets frictionless is critical to driving volume and subsequent revenue.

Serious endeavors should contact Ripple Labs at to coordinate for possible assistance and business planning.

Gatewayd support

Gatewayd has been designed to make deploying a gateway as easy as possible.

It provides the basic functionality to link assets represented in the Ripple network to those held in the outside world. It includes a core database to track deposits and withdrawals and utilizes Ripple REST to issue assets to customer wallets.

Gatewayd plugins

If your gateway needs a custom deposit/withdrawal plugin for an external payment system (such as PayPal, AliPay, etc.), Ripple Labs may consider funding a bounty to create that plugin or build it for you. Plugins are custom pieces of code that are used to monitor and submit transactions to and from external payment systems so that gatewayd can take appropriate action. You can see examples of these kinds of plugins in the repos under gatewayd on GitHub.

Services implementation

Gateway Services APIs make gateways interoperable and provide straightforward calls that clients can use to route payments appropriately. Gateway Services rely on existing web standards like host-meta and webfinger, while making certain functions of the REST API more robust. Please contact us for assistance if you decide to implement these services at your gateway.

XRP for customers of KYC/AML compliant gateways

Ripple Labs may assist with customer acquisition by providing gateways with XRP that can be used to activate Ripple wallets of new accounts. Customers who provide a baseline level of KYC information may be eligible to receive XRP upon registration and making a deposit at your gateway.

Compliance resources

Ripple Labs regularly issues Gateway Bulletins as new features are released or on topics related to compliance and risk. Those bulletins are shared with the developer community including gateway operators and IRBA members. In addition to Gateway Bulletins, Ripple Labs publishes Compliance Resources that may be helpful for gateway operators in understanding local and global standards on KYC/AML policies, as well as opinions or guidance on virtual currency.

Since rules on KYC/AML policies and guidance on virtual currency vary by jurisdiction, gateways should obtain legal advice on how these rules apply to their business and country of operation. Be aware that regulatory standards are evolving rapidly. While Ripple Labs makes every effort to update the Gateway Bulletins and Compliance Resources regularly, gateways should seek legal advice and understand changes to regulation as it may vary based on geography and the products that you offer.

Generating liquidity

Ripple Labs understands that it may be difficult for new gateways to generate the liquidity needed to provide a compelling service to their customers. To do so, it is important to meet the aforementioned technical and compliance standards to have a popular, well-capitalized gateway. Transaction volume drives liquidity so Ripple Labs may facilitate introductions for operational gateways to market makers who can enable assets issued by your gateway to trade freely at competitive exchange rates.

Feedback is welcome

The Ripple protocol’s success will be largely determined by the ecosystem of gateways that are providing the onramps and off-ramps for value. As such, Ripple Labs continues to support gateway developers and entrepreneurs in their projects to build gateways.

We’d love to hear your feedback on what’s most useful and other tools that you’d like to see. We look forward to working alongside you to build the value web!

Ripple

US Banks

Ripple Labs is thrilled to have signed its first two U.S. banks to use the Ripple protocol for real-time, cross-border payments.

Cross River Bank, an independent transaction bank based in New Jersey, and CBW Bank, a century-old institution founded in Kansas, join Fidor Bank on the Ripple network, which continues to grow.

Both banks are excited to leverage the technology in order to provide greater efficiency and innovation to their customers.

“Our business customers expect banking to move at the speed of the Web, but with the security and confidence of the traditional financial system,” said Gilles Gade, president and CEO of Cross River Bank.

“Ripple will help make that a reality, enabling our customers to instantly transfer funds internationally while meeting all compliance requirements and payments rules. We are excited to be amongst the very first banks in the U.S. to deploy Ripple as a faster, more affordable and compliant payment rail for our customers.”

“Today’s banks offer the equivalent of 300-year-old paper ledgers converted to an electronic form – a digital skin on an antiquated transaction process,” said Suresh Ramamurthi, chairman and CTO of CBW Bank.

“Ripple addresses the structural problem of payments as IP-based settlement infrastructure that powers the exchange of any types of value. We’ll now be one of the first banks in the world to offer customers a reliable, compliant, safe and secure way to instantly send and receive money internationally.  As part of our integration with Ripple, we are rolling out Yantra’s cross-border, transaction-specific compliance, risk-scoring, monitoring and risk management system.”

But these new partnerships aren’t just great for Cross River Bank and CBW Bank customers, it’s great for everyone in the U.S. and Europe by essentially opening up a corridor between ACH and SEPA. Any U.S. bank can now use Cross River or CBW Bank as a correspondent to move funds in real-time to any other institution in Europe via Germany-based Fidor.

The deals will also help expand liquidity and trade volume on the protocol and generally improve the network effects of the system—which will continue to make Ripple more attractive for both market makers and developers.

Ultimately, this announcement is the culmination of many months of hard work and further validation for the Ripple Labs vision. The most exciting part? This is only just the beginning.

Follow us on Twitter

Ripple

chris-greg1

Chris Larsen (Co-founder and CEO) and Greg Kidd (Chief Risk Officer)—imagery courtesy of Money2020

In less than two weeks, Ripple Labs will be joining thousands of industry and thought leaders at Money20/20 in Las Vegas, Nevada.

Of the 7,000+ attendees, there will be “670 CEOs, from over 2,300 companies and 60 countries.” The team is looking forward to build on the success of Sibos earlier this month, where the Ripple narrative really picked up momentum toward industry acceptance.

Speaking schedule:

  • Greg Kidd (Chief Risk Officer): “Cryptocurrencies & Consumer Protection Issues”—Sunday, Nov. 2 at 1:00-1:45pm
  • Chris Larsen (Co-founder and CEO): “Remittances: Retail, Electronic & Cryptocurrencies”—Sunday, Nov. 2 at 3:00-3:45pm

If you’re interested in learning how Ripple is driving down cross-border transaction costs for banks like Fidor, please contact us at to schedule a meeting with a Ripple Labs representative.

Follow Ripple on Twitter

 

Ripple

codius1

Ripple Labs CTO Stefan Thomas and software engineer Evan Schwartz present Codius.

As part of an ongoing initiative to better educate the broader community about Ripple technology, behind the scenes developments, as well as our take on the industry at large, Ripple Labs will be releasing a series a tech talks, the first of which is an introduction to Codius.

The tech talk was presented by CTO Stefan Thomas and software engineer Evan Schwartz to a full house on November 20, 2014 at Around the World in 5 Seconds, a special night of demos and celebration at Ripple Labs headquarters in downtown San Francisco.

Codius is a platform developed by Ripple Labs that enables smart contracts technology. But from a broader perspective, it’s a framework for developing distributed applications, what we call “smart programs.” In this tech talk, you’ll learn about:

  • Cryptocurrencies and smart contracts
  • Codius as the ecosystem for smart programs
  • The future of autonomous applications

 

 

Learn more about Codius:

Follow Ripple on Twitter

Ripple

lawsky

Superintendent Ben Lawsky hasn’t shied away from maintaining an open dialogue with the community.

While the early days of the web provide an intuitive roadmap for how the emergence of digital payment protocols and the ecosystem that surrounds them will evolve over time, there’s one defining difference between the evolving state of finance today and the Internet of the 80s: Regulations.

There’s a lot more at stake when transferring value versus information. It’s why finance is the most heavily regulated industry on the planet. It’s also why the internet-of-value has taken such a long time to materialize. The bar is just that much higher.

As these emerging technologies push us further into uncharted territory, navigating these regulatory waters has become a core component of our mission here at Ripple Labs. And as creators of an open source protocol, we’re committed to being transparent about that process. To provide insight on our perspective, we’re publishing our BitLicense comments (pdf), which we recently submitted to regulators.

The Ripple Labs perspective

Our position on regulations is straightforward. An effective regulatory framework opens the door to mainstream adoption. The goal is to provide necessary protections for end users without stifling innovation by burdening developers and small businesses. Instead, smart regulations can level the playing field, legitimize a burgeoning industry, and empower entrepreneurs.

But getting regulations right is an immense task. That’s why it’s pertinent that Ripple Labs works regularly with regulators, our numerous stakeholders, and the industry-at-large in helping to collectively shape the rules that will define the way forward.

BitLicense

It’s incredibly encouraging that the U.S. government appears up to the task with Superintendent Ben Lawsky of the New York State Department of Financial Services leading the way by maintaining an open dialogue and recently, drafting the first proposal of BitLicense, a set of rules that aim to bring clarity to how government officials and businesses deal with cryptocurrencies.

As the only U.S. regulator to step up to the plate—at both state and federal levels—Superintendent Lawsky should be commended for assuming this monumental responsibility. BitLicense elevates the industry as a whole, putting next generation firms in the same club as the big banks. Most of all, throughout Lawsky’s numerous interactions with the community—including his speech at Money20/20 in Las Vegas last month—it’s clear that New York’s first Superintendent of Financial Services not only comprehensively understands and respects the awesome potential of these new technologies but also what’s at stake.

Indeed, the implications of BitLicense will have far broader implications beyond the crypto-community, as Lawsky alluded to during his Vegas keynote, noting that his framework for Bitcoin regulations will eventually serve as a model for all regulated institutions. Along those lines, this isn’t merely about the future of Bitcoin or Ripple, it’s about the future of finance as a whole—one in which the lines between new technologies and the existing system continue to blur.

Again, for his fearless and influential leadership, Lawsky deserves to be commended. Even so, he could do more—especially if he and the rest of the state’s ruling body want New York to become a hub for technological innovation. Below is a summary of our comments and suggestions that we believe could help BitLicense reach its ultimate goals while still maintaining an environment that supports and fosters innovation and small businesses.

Reduce barriers of entry. New York should support developers who need the freedom to build. Costly compliance requirements create huge barriers of entry for small businesses. To accommodate innovation, we suggest a “registration regime” versus a “licensing regime” with a threshold for smaller firms, significantly reducing potential upfront costs and waiting around that often deters new businesses. This way, entrepreneurs can begin the regulatory process in good faith and start their business right away.

Create a level playing field. A key criticism of the initial BitLicense proposal is that it didn’t create a level playing field between cryptocurrencies and everyone else. There are arguments to be made why digital currencies should be held to a higher standard because of their unique properties, but if that’s the case, those arguments need to be explicitly mapped out, where each special feature is properly defined relative to existing rulesets. With the initial draft, it’s often unclear why increased controls are being implemented only for new technologies.

The rules regarding information security is one example, which requires third-party code verification. In this case, rather than opting for a more balanced approach, Lawsky went from 0-60 with baseline regulations. While it may be true that this new rule could very well be a “coming attraction for all banks,” emerging technologies shouldn’t have to serve as the canary in the coal mine and solely assume the cost of experimental rules. If a new rule is believed to be beneficial to the public’s interests, it should be applied to all relevant parties on day one, rather than arbitrarily to just the new kids on the block. Otherwise, BitLicense undermines a sense of fairness by appearing to favor established interests.

The overall scope is too broad. Such is the nature of emerging technologies with few past precedents—they can be difficult to properly define. But even under that context, the way BitLicense defines these new technologies is far too general and vague. If the purpose of regulations is to provide clarity, the proposal as it currently exists risks further muddying the waters by leaving ample room for subjective interpretation. The first step then is to provide a concise definition of the technology at hand. The approach we prefer is to highlight the technology’s fundamental distinctions. In the case of virtual currencies, this is the first time we’ve seen assets exist in a digital context (as opposed to liabilities).

Beyond reaching consensus on a proper definition, we believe that limiting the scope of these new regulations requires a more balanced and organic approach to how we assess risk. It’s logical to focus on the risks added by new technologies, but it’s equally as important to consider existing risks that innovation helps to mitigate. In that sense, BitLicense should not only temper negative characteristics, but also foster and expand positive ones. As it stands, the former is, at times, over the top, while the latter is often lacking.

The way forward

Overall, the development of BitLicense represents a huge step in the right direction, despite being imperfect as regulators and industry participants continue to work together toward a meaningful and mutually beneficial consensus. That governments are dedicating these resources toward legitimizing new businesses is a huge stamp of approval for technologies that only a few short years ago didn’t even exist.

At Ripple Labs, we’re deeply cognizant of our responsibility to our partners, our community, and the industry, and we take great pride in participating in this ongoing process, one we believe will have a huge impact on our ability to deliver these breakthrough technologies to people around the world.

That last part is key. Even if the U.S. will, at times, lead the way, the scope and reach of Ripple and other digital payment protocols in general transcends borders. As such, our regulatory work extends to a global scale. Last Friday, our team submitted a letter to the Australian Parliament regarding the regulation of digital currencies, which is available on their website for download. (We are submission #21.) We are also in the process of engaging with other foreign regulators.

As always—as an ongoing conversation and an evolving process—we are open to any and all feedback. We look forward to hearing from you.

Follow Ripple on Twitter

Ripple